Ukraine and Russia on Friday signed a landmark deal aimed at relieving a global food crisis caused by blocked Black Sea grain deliveries, ending months of negotiations and sending wheat prices tumbling to levels last seen before Moscow’s invasion.
ISTANBUL, Turkey —
The two sides eventually inked separate but identical agreements in the presence of UN Secretary General Antonio Guterres and Turkish President Recep Tayyip Erdogan at Istanbul’s lavish Dolmabahce Palace. Ukrainian President Volodymyr Zelensky later said the responsibility for enforcing the deal would fall to the UN, which along with Turkey is a co-guarantor of the agreement.The agreement includes points on running Ukrainian grain ships along safe corridors that avoid known mines in the Black Sea.
In Chicago, the price of wheat for delivery in September dropped 5.9 percent to $7.59 per bushel, equivalent to about 27 kilograms. Prices in Europe fell by a similar amount. They have yet to finalise how the ships will be checked for weapons before returning empty to Ukrainian ports. The grain deal was signed one day after Russia’s restart of the Nord Stream natural gas pipeline eased concerns in Europe of a permanent shut off after a 10-day maintenance suspension.
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